Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
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Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
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Development, Office, Retail

Mixed-Use Building Planned for Chinatown Site

A development application has been submitted to the City of Vancouver for permission to develop a 50′ x 122′ site in Chinatown with a new 8-storey mixed use building. The site is located mid-block on the North side of Keefer Street between Main Street and Gore Avenue. The existing building on site is a single-storey retail building that is vacant.

Details of the proposed development include:

  • 29 residential units;
  • 23 one-bedrooms and 6 two-bedrooms
  • 2,838 SF of ground-floor retail space
  • 12,022 SF of office space on the 2nd and 3rd floors;
  • a total density of 5.35 FSR;
  • 20 parking stalls on two underground levels accessed via car elevator.

239 Keefer239 Keefer_1 239 Keefer_2

Under the site’s existing HA-1A zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The site sold in June 2016 for $6,350,000 or $194 per buildable SF based on the application.

The architect for the project is Mallen Gowing Berzins Architecture.

August 29, 2017by david.taylor@colliers.com
Apartment, Development

Construction Update: 1155 Thurlow Street

Here is a brief update on a project in the West End that is a partnership between Bosa Properties and Central Presbyterian Church. The property was rezoned in 2014 to allow a new 22-storey building that includes 168 units of market rental apartments and 45 units of non-market rental apartments, as well as retail space, a new church and a preschool.

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photo courtesy mcminsen http://po.st/NealhU via @imageshack

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photo courtesy mcminsen http://po.st/XqOWCP via @imageshack

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photo courtesy mcminsen http://po.st/WEQhhh via @imageshack

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photo courtesy mcminsen http://po.st/VAXF7t via @imageshack

August 25, 2017by david.taylor@colliers.com
Development, Office

Industrial/Office Building Planned for Yukon & 7th Site

A development application has been submitted to the City of Vancouver for permission to develop a new industrial/office building at 2250 Yukon Street, at the Northeast corner of Yukon and 7th in the Mount Pleasant area of Vancouver. The building will be a custom build office for Fast + Epp Engineers.

The plan calls for a 4-storey mixed-use commercial/industrial building containing:

    • Wholesale Class B on the ground floor and partial second floor;
    • General Office use on the second floor to fourth floors;
    • a total density of 3.00 FSR (15,958 SF)
    • an overall building height of approximately 60 feet; and
    • one level of underground parking providing 10 spaces and one at grade parking space, having vehicular access from the lane.

2025 Yukon_42025 Yukon2025 Yukon_3 2025 Yukon_2 2025 Yukon_1

Under the site’s existing I-1 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The application describes the design rationale: “The building shell will be constructed making maximum use of sustainable prefabrication technology that Fast+Epp has been developing over the past 25 years. The floor and roof structure will consist of prefabricated hybrid timber-steel panels with fully integrated mechanical and electrical systems. The ceiling structure of the single level parkade will consist of precast hollow core panels. The firewall at the east side will consist of pre-cast concrete panels. We anticipate the entire building shell above the parking walls will be constructed within a 4-week period, thereby minimizing neighbourhood noise and minimal traffic disruption from concrete trucks.”

The site was acquired in December 2016 for $3,800,000 or $238 per buildable SF based on the application. It has been occupied by an auto-repair shop “Wilf’s Transmissions” since it was built in the mid-90’s.

The development planner for the project is Schmidt & Associates Development Planning Ltd. 

August 22, 2017by david.taylor@colliers.com
Apartment, Development

Rental Building Planned for East Broadway

A development application has been submitted to the City of Vancouver for an underutilized 58′ x 122′ C-2C zoned site at 550 East Broadway, on the south side of the street between Kingsway and Fraser. The plan is to develop the site with a 4-storey mixed-use residential/commercial building containing:

    • 25 market rental apartment units on the second to fourth floors;
    • 5 one-bedrooms and 20 studio units;
    • 2 CRU units for retail and restaurant uses on the ground floor;
    • One CRU unit below grade on P1;
    • a total density of 3.00 FSR;
    • an overall building height of approximately 47.2 feet; and
    • 43 underground parking spaces on 3 levels, accessed from the lane.

550 East Broadway_2550 East Broadway_1 550 East Broadway

Under the site’s existing C-2C zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The application describes the design rationale: “Floorplates are simply laid out, with a central corridor giving access to long, linear units which open to each frontage. Floor levels 2 & 3 are similar, each containing 9 units in a very similar arrangement. The fourth level has more variation in unit type, containing 3 one bedroom units and 4 studio units, plus an amenity room. The elevator and east exit stair also serve to provide access to the rooftop, which is generously outfitted with outdoor terraces, urban agriculture facilities, outdoor cooking & dining facilities, outdoor play area, and a green roof area (not accessible).”

The site was acquired in May 2016 for $3,880,000, or $183 per buildable SF.

The architect for the project is Gair Williamson Architects.

August 15, 2017by david.taylor@colliers.com
Development, Office, Retail

Application for Prominent Cambie & 41st Site for 3-Storey Office Building

Coromandel Properties has submitted a development application for a prominent former Esso gas station site, now vacant, at the Northeast corner of 41st and Cambie. 

The site falls within the City of Vancouver’s recently released vision for the Cambie Corridor Oakridge Municipal Centre, which would allow a rezoning for a mixed-use/residential tower potentially as high as 20-storeys for the site. 

The development permit application now submitted for the 130′ x 122′ site indicates plan for a new 3-storey, mixed-use building, consisting of:

  • Retail & restaurant uses on the ground floor;
  • Office uses on the 2nd and 3rd floor;
  • A total building size of 26,686 SF;
  • A total density of 1.7 FSR;
  • Peak Height: 59 ft.; and
  • 48 underground parking spaces on 1 1/2 levels all having vehicular access from the lane.

495 W 41st_2 495 W 41st_1 495 W 41st

It’s unclear if this potential development plan is simply an effort to secure a permit now under the existing zoning, or if the potential for a tower rezoning is still in the long term plan. Under the site’s existing C-2 zoning which allows 2.5 FSR, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

Coromandel acquired the site in October 2014 for $15,800,000, or $398 per buildable SF based on the existing C-2 zoning of the site, or $592 per buildable SF based on the proposed plan.

The architect for the project is McFarlane Biggar Architects and Designers .

July 28, 2017by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

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David Taylor

Senior Vice President, Colliers Canada

David Taylor is a Senior Vice President at Colliers International in Vancouver, BC, specializing in the sale of commercial real estate across Metro Vancouver. He has sold over $1.7 Billion in office buildings, retail properties, apartment buildings and development land since 2004.

Vancouver Market chronicles investment and development activity in Metro Vancouver, including sale prices, cap rates, $/SF metrics, and market context for commercial real estate transactions.

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